Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment (Tables)

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Property and equipment consisted of the following as of September 30, 2020 and December 31, 2019 (in thousands):

	September 30, 2020			December 31, 2019
		(Unaudited)
Miners	$	11,135		$	5,010
Leasehold improvements		-			38
Office and computer equipment		83			103
Total cost of property and equipment		11,218			5,151
Less accumulated depreciation		(2,650	)		(100	)
Property and equipment, net	$	8,568		$	5,051

Schedule of Purchase Agreement Commitments, Deposits Paid and Expected Delivery Timing

As of September 30, 2020, the Company has executed purchase agreements for the purchase of Miners from Bitmain for a total of 16,600 new S19 Pro miners, to be delivered beginning in the fourth quarter of 2020. A summary of the purchase agreement commitments, deposits paid and expected delivery timing (remaining balances are payable in advance of shipping) is summarized as follows (dollars in thousands):

Agreement Date	Contractual Obligation		Deposits Paid		Expected Shipping
June 1, 2020	$	2,293	$	2,293	Fourth Quarter 2020
August 12, 2020		17,549		7,085	First - Second Quarter 2021
August 25, 2020		11,187		3,356	First - Second Quarter 2021
September 30, 2020		6,124		-	Fourth Quarter 2020
Freight and other costs		-		69
Total	$	37,153	$	12,803

* Pursuant to the Company’s agreements with Bitmain, the Company is responsible for all shipping charges incurred in connection with the delivery of the Miners.